Senate passes reversal of Obama-era retirement savings rule for cities, counties
WASHINGTON — The Senate has sent to President Donald Trump legislation to scrap a regulation encouraging cities and counties to set up retirement savings plans for some private-sector workers.
The White House has said Trump will sign the resolution into law.
The measure passed 50-49 Thursday would reverse a 2016 rule under President Barack Obama’s administration that protected employers from requirements of the Employee Retirement Income Security Act, or ERISA. Republicans who control Congress say the policy forced some employers to enroll in “risky” government-run IRAs and reduced competition. Tennessee Sen. Bob Corker was the sole Republican to vote against the measure.
But Democrats and groups such as the AARP have said the rule had extended the option of creating retirement accounts to millions more Americans who can’t afford it otherwise.